Goldman Sachs to Summer Interns: Don’t Stay in the Office Overnight

<a href="http://www.shutterstock.com/pic-177328076/stock-photo-top-view-of-young-tired-sleeping-businesswoman.html?src=nCTr0eIw5PY_nvJwmlVLHA-1-20">Sergey Nivens</a>/Shutterstock

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By Olivia Oran

NEW YORK (Reuters) – Goldman Sachs Group Inc has told its summer investment banking interns not to stay in the office overnight in a bid to improve working conditions for its junior staff.

The move, according to company sources and confirmed by a Goldman spokesman, illustrates how Wall Street banks are seeking to curb excessive hours worked by young employees who see internships and entry-level jobs as a chance for a lucrative investment banking career.

Goldman has told its new crop of summer banking interns they should be out of the office between the hours of midnight and 7 a.m. during the week.

Goldman and other banks have taken steps over the last several years to encourage junior employees, known as analysts and associates, to take time off in a profession notorious for all-nighters and 100-hour work weeks.

The moves came after the death of a Bank of America Corp intern in London in 2013 fueled concerns over working excessive hours. It was later revealed the intern died of natural causes.

Soon after, Goldman told its junior bankers to take Saturdays off and also formed a task force to address quality of life issues.

Bank of America said at the time it would recommend junior employees take off a minimum of four weekend days per month.

Wall Street summer interns are typically college juniors who work as analysts and business school students who serve as associates.

Goldman has more than 2,900 summer interns this year.

Goldman ranked as the top worldwide M&A adviser last year, according to Thomson Reuters data. The bank advised on 449 deals with a total value of $983.9 billion.

 

(Editing by Jeffrey Benkoe)

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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